Stanford and city could not agree over tech campus requirements, university discloses

TRD New York /
Jan.January 09, 2012 01:00 PM

Administrators from Stanford University have finally responded to questions about the university’s Dec. 16 withdrawal of StanfordNYC, its $2.5 billion proposal to build a graduate school of applied sciences and engineering in New York City, Stanford Daily reported, citing additional requirements by the city that could not be agreed upon.

“From the beginning, Stanford expressed an interest in the project with the clear understanding that it had to benefit both Stanford and New York City,” the university said in a press release. “We were very much hoping for a successful outcome, but it became apparent that there were areas where the city and university were not going to agree. Beyond the academic part of the proposal, the project involved numerous land use, real estate, zoning, construction timetables with significant penalties and other details.”

Stanford also said it was not willing to take on the degree of risk necessary for the project to go ahead. It had already spent $3 million on the proposal by the time it pulled out, Stanford Daily said.

“In a project of this nature, involving a significant investment by both the city and a much larger investment by the university, both sides need to be willing to accept a certain level of risk,” the release said. “Ultimately, we decided we could not accept the level of risk that the city wanted us to accept.”

Cornell University was eventually selected to build a 2 million-square-foot applied science and engineering campus on Roosevelt Island, in partnership with Technion-Israel Institute of Technology. [Stanford Daily]

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Ghislaine Maxwell and her New Hampshire estate (Getty, Greg Bruce Hubbard)

Ghislaine Maxwell was hiding out in a rural New Hampshire estate when she was arrested

Ghislaine Maxwell was hiding out in a rural New Hampshire estate when she was arrested
Amancio Ortega (Getty)

Spain’s richest man owns $17B in real estate

Spain’s richest man owns $17B in real estate
Juno CEO Jonathan Scherr and a rendering of the project 

Former Apple and Tesla employees launch mass production development company

Former Apple and Tesla employees launch mass production development company
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
(iStock)

Crossbow-wielding manager sexually harassed WeWork staffer, latest discrimination suit claims

Crossbow-wielding manager sexually harassed WeWork staffer, latest discrimination suit claims
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...